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December 29, 2008
Banking 2008: Punch the Pig!
Banking is becoming cute. I signed up for a free "Virtual Wallet" with my new bank, PNC. The wallet finally introduces a bit of sanity into banking: bank attach arbitrary rules to different types of accounts - you can write checks only with a checking account, and earn interest only with a savings account. If some merchant makes a mistake, overcharges your debit card and you overstep your carelessly determined overdraft boundaries, the bank will try to hit you with a $30 overdraft fine. Never mind that you may have $250k sitting in a savings account or a stock depot.
Come in the virtual wallet. Granted, they still have some ridiculous government-made rules: but at least they're adding some extra functionality to make things more manageable. If you end up in the red in your checking account, the system automatically takes some money from your savings. Finally, 15 years after e-mail addresses became a common sight on business cards, my bank is now willing to send you a simple e-mail if you exceed some limits, or when your paycheck is paid.
That said: money is money is money is equity, whatever the account. Some is liquid, some is not. Banking could be so simple, if it wasn't for the "psych factor" involved in consumer banking. PNC found a cute way to make us happy savers: on occasion, a pink pig appears on top the screen after you've logged in to your account.
You punch the pig, and voila, $50 or whatever you've set will be transferred to your savings. Complete with sound effects. Did I mention you can have a green pig, too?
Posted by dr at December 29, 2008 3:20 PM